Zurich has announced several divestments in Barcelona. The Swiss insurer has closed the sale of a portfolio of offices in Barcelona comprising three buildings with a total surface area of 12,000 square metres and 100% occupancy.
Of the total assets sold, two of them have been acquired by the same entity. Those located at Via Augusta 18 (with a surface area of 4,000 square metres) and Via Layetana 2 (with 6,500 square metres) were acquired by the fund management company Propreal. The third building, located on Carrer Estruc and with a surface area of 1,500 square metres, was acquired by a private investor.
“With these transactions we are putting an end to the asset rotation strategy that began in 2022 with a focus on strengthening the portfolio’s positioning in grade A, sustainable and efficient assets,” explained Alex Bujanda, Zurich’s Investment director in Spain.
Cédric Vivien, head of Investment and Portfolio Management at Propreal, commented: “Our acquisition of these two fully-let office buildings contributes to a stable long-term income profile for the fund, with further anticipated capital growth supported by the general shortage of high quality space in prime central locations and high user demand.”
On the legal side, Zurich was advised by RocaJunyent, while the buyer was advised by Pérez Llorca in the case of Propreal and Osborne Clarke in the case of the Calle Estruc asset.
RocaJunyent advised Zurich Vida on the sale to Propreal and Rex Spain (real estate management company from Zurich) on the sale to the private investor with a team led by partner Roger Pla, together with lawyers Carlos Fernández and Anna Estorach.
Pérez-Llorca advised Propreal with a team led by managing partner Gerard Serra, along with lawyers Felipe Ramírez, Alejandra Ferreres and Marta Viaplana.
Osborne Clarke advised the buyer of the Calle Estruc asset with a team led by partner Julián Matos, together with lawyers Ariadna Boix and Amadeo Lora.